GM Q3 earnings, 2023 Ford Escape, Hyundai breaks ground on ‘metaplant’

Inside Automotive:

Unlock profitability and improve operations with flexible technology partners
Welcome to another edition of our Dealer Forward video series with Cox Automotive, where we talk about some of the most challenging issues affecting the automotive retail industry, and how dealerships and industry leaders are tackling those challenges. Joining the show is Josh Bickerton, Director of Product Consulting for Dealertrack DMS. Today, we’ll discuss what Josh is hearing from General Managers and Principal Owners about how a more flexible Dealer Management System is helping them unlock profitability and improve operations. Watch the complete segment here.

Headlines:

General Motors announced its third-quarter earnings, and the results show that despite concerns, the company managed to beat analysts’ expectations. The automaker reported a net income attributable to stockholders of $3.3 billion and an adjusted income of $4.3 billion. Third-quarter revenue was a record $41.9 billion, leading the company to reaffirm its full-year earnings guidance. GM earned $2.35 a share, up 48% vs a year earlier, and the company’s revenue for the quarter increased 56.4% from $26.78 billion last year. Read More

Ford has announced updates to its popular Escape model to “break out of the sea of sameness,” according to Escape brand manager Adrienne Zaski. Ford will also add three new ST Sport trim options to the 2023 Escape, as well as a plug-in hybrid variation. The 2023 Escape also features an updated interior, larger screens, wireless Apple car play, and Android auto, as well as additional safety features. The starting price for the 2023 Escape is around $29,000 for the entry-level model and up to $40,000 for the plug-in hybrid version. The current model year ranges from about $27,000 to $41,000. Read More

Hyundai Motor Group has broken ground on its new $5.54 billion “Megaplant” near Savannah, Georgia. The factory is the largest economic development in the state’s history and will assemble electric Hyundai, Kia, and Genesis vehicles. The automaker held a groundbreaking ceremony yesterday, attended by state lawmakers from both sides of the aisle, company officials, and local leaders. Read More

Kia has announced US pricing for its 2023 Niro EV, which is expected to arrive at dealerships across all 50 states later this month. The upcoming EV is available in two trim styles. The base model, called “Wind,” has a starting price of $39,450, and the “Wave” variation will start at $44,450. The Wave includes upgraded headlights, heated mirrors, a power sunroof, as well as upgrades to both the interior and exterior. It also includes Kia’s vehicle-to-load inverter, which allows drivers to power other devices from the vehicle’s battery. Read More

News & Opinion

Should your auto dealership run its own rental/loaner car program?
Although dealership groups are bringing in more money these days, inflation is now over 8%, and a recession is causing many dealers to investigate increasing the bottom line. So, should you pivot to running your branded loaner fleets for increased customer goodwill and retention? Instead of offering space to a rental car company, would it be better if you rented your used vehicles? In the past three years, many dealerships learned how to increase profits by offering customers as many services as possible. As a result, more and more dealers are considering a strategy to operate their own rental and loaner fleets. And why not? IBISWorld says the car rental market revenue size will be 54.2 billion dollars in 2022. Read More

How service departments can handle no fault found diagnosis
You want to increase profits and customer satisfaction in your service department, but a no fault found diagnosis, or NFF, is sure to derail your plans in a hurry. When a customer brings their vehicle in for repair, they expect the problem to be fixed when they drive away. Getting back in the vehicle with the same problem occurring only frustrates and aggravates the client. There are three steps to remember if you want to handle no fault found diagnosis properly. Read More

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